Full text of H.6 Money Stock Measures : July 14, 1988

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FEDERAL RESERVE statistical releaseThese data are scheduled for release each Thursday at 4:30 p.m.
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H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

JULY 14, 1988

Billion's of dollars
Date

Ml 1

M2 2

Debt5

M3 3
Seasonally adjusted

1986-JULY
AUG.
SEP.
OCT.
NOV.
DEC.

670.8
680.5
687.4
694.9
706.4
725.4

2702.9
2725.6
2743.6
2766.1
2782.7
2807.8

3377.4
3403.8
3429.8
3448.3
3463.8
3490.4

4010.0
4036.3
4064.4
4083.6
4104.5
4133.8

7194.7
7280.8
7365.2
7429.6
7512.1
7607.7

1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

731.4
731.3
734.2
744.7
746.5
742.1
743.6
746.5
747.5
756.2
752.7
750.8

2827.8
2829.3
2834.3
2847.4
2849.1
2851.
2858.
2869.
2880.
2894.
2896.
2901.

3515.1
3523.9
3532.6
3549.8
3564.4
3580.1
3587.
3605.
3620.
3642.
3656.
3661.

4162.6
4175.2
4174.0
4189.6
4217.7
4232.3
4235.1
4257.8
4283.5
4312.2
4323.1
4323.9

7673.0
7710.9
7756.6
7816.7
7881.6
7939.3
7980.7
8031.0
8092.9
8163.3
8245.8
8305.4

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE p

758.8
759.5
763.0
770.1
770.1
776.4

2925.0
2946.1
2967.6
2991.8
3003.9
3018.1

3686.8
3719.5
3744.5
3767.1
3780.9
3801.8

4360.7
4392.0
4418.6
4460.9
4489.5 p

8352.3
8407.5
8468.8
8527.7
8584.7 p

1986-JULY
AUG.
SEP.
OCT.
NOV.
DEC.

674.0
679.1
685.2
692.8
709.5
740.6

2707.
2723.
2737.
2766.
2785.
2821.

3376.1
3400.7
3426.6
3448.3
3470.3
3507.2

4003.
4029.
4058.
4083.
4112.
4151.

7170.2
7258.8
7350.1
7412.0
7486.4
7593.3

1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

737.5
717.1
723.5
752.5
739.9
744.4
746.8
745.0
745.2
753.7
756.0
765.9

2839.
2817.
2826.
2855.
2836.
2850.
2862.
2868,
2876.
2895.
2900.1
2914.8

3527.2
3512.4
3526.3
3555.0
3552.6
3576.2
3585.6
3602.8
3618.3
3642.0
3664.0
3677.7

4180.
4170.
4173.
4191.
4201.
4229.
4226.
4250.
4278.
4312.
4332.9
4341.9

7655.9
7677.3
7725.3
7786.2
7849.5
7911.5
7958.9
8013.1
8079.4
3147.9
3220.1
3289.3

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE p

764.7
745.0
752.2
778.3
763.7
778.7

2937.3
2933.4
2959.0
2999.4
2990.0
3015.9

3699.3
3708.0
3737.6
3771.9
3768.4
3797.2

4379.4
4387.6
4417.1
4461.2
4472.0

8334.6
8373.0
8436.8
8498.0
8555.0 p

Not seasonally adjusted

Footnotes appear on the following page,
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
Ml

M2

M3

Debt1

6.1

8.4

3 Months from MAR. 1988 TO JUNE 1988

7.0

6.8

6 Months from DEC. 1987 TO JUNE 1988

6.8

8.1

7.7

8.2

12 Months from JUNE 1987 to JUNE 1988

4.6

5.8

6.2

8.9

6.9

Thirteen weeks ending JULY 4* 1988
from thirteen weeks ending:

APR.

4* 1988 (13 weeks previous)

6.0

7.7

JAN.

4* 1988 (26 weeks previous)

5.2

7.4

7.1

JULY

6* 1987 (52 weeks previous)

3.7

5.5

6.1

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates* namely*
February 1988 to May 1988* November 1987 to May 1988* and May 1987 to May 1988* respectively.

1.

Consists of (1) currency outside the U.S. Treasury* Federal Reserve Banks* and the vaults of depository institutions*
(2) travelers checks of nonbank issuers* (3) demand deposits at all commercial banks other than those due to depository
institutions* the U.S. government* and foreign banks and official institutions* less cash items in the process of collection
and Federal Reserve float* and (4) other checkable deposits (OCDs)* consisting of negotiable order of withdrawal (NOH) and
automatic transfer service (ATS) accounts at depository institutions* credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency* travelers checks* demand deposits* and
OCDs* each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued
to U.S. residents by foreign branches of U.S. banks worldwide* money market deposit accounts (MMDAs)* savings and smalldenomination time deposits (time deposits--including retail RPs--in amounts of less than $100*000)* and balances in both
taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account
(IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks* money market funds (general purpose and broker/dealer)* foreign governments and commercial banks*
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100*000 or more) and term RP liabilities issued
by commercial banks and thrift institutions* term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada* and balances in both taxable and tax-exempt
institution-only money market mutual funds. Excludes amounts held by depository institutions* the U.S. government* money
market funds* and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and
Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2
component as a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds* short-term Treasury securities* commercial paper
and bankers acceptances* net of money market mutual fund holdings of these assets.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government* state and local
avernments and private nonfinancial sectors. Private debt consists of corporate bonds* mortgages* consumer credit
including bank loans)* other bank loans* commercial paper* bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs* therefore* from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases* published levels of credit market debt are measured on a quarter-end
basis and include discontinuities.

Footnotes to Table 1

2.

3.

4.
5.

f




H.6 (5081
Table 3

MONEY STOCK MEASURES

B i l l i o n s of d o l l a r s

*
Seasonally adjus ted
Ml

Period emJing

15-week
average

4-week
average

1988-APR. 11
18
25

762.0
762.5
765.6

766.5
766.5
768.7

MAY

2
9
16
25
50

764.5
765.2
765.8
766.5
767.6

JUNE

6
15
20
27p

JULY

«P

M5

M2
15-week
average

4-week
average

2991.1
2991.5
2995.2

5728.4
5754.5
5740.0

5757.2
5761.5
5765.5

3765.5
3766.2
3768.4

2995.5
2995.1
2997.4
5000.5
5004.0

2995.4
2998.5
5000.7
5006.8
5010.5

5745.1
5750.5
5754.5
5759.0
5765.9

5768.5
5771.5
5774.0
5777.7
5781.1

5775.1
3777.6
3776.8
3783.4
3786.4

2992.5
2996.4
2999.8
3005.1

5009.0
5012.1
5014.9
5017.1

5018.2
5015.2
5017.7
5019.2

5769.2
5775.5
5777.4
5781.6

5785.9
5790.4
5795.5
5800.6

3797.0
3794.7
3805.2
5807.5

5006.2

5018.5

5022.9

5785.1

5805.0

3806.5

15-week
average

4-week
average

766.2
766.2
777.6

2955.8
2960.8
2965.5

2980.8
2985.5
2990.1

771.5
772.4
772.8
770.6
769.3

776.1
769.5
767.9
769.0
770.9

2969.7
2974.1
2978.5
2982.5
2987.5

769.0
769.9
770.8
771.6

770.4
771.4
773.7
775.7

775.9
771.9
778.1
778.7

772.6

776.6

777.5

average

average

average

Not seasonally adjusted
Ml

Period en<Jing

13-week
average

4-week
average

1988-APR. 11
18
25

753.8
755.3
757.3

762.9
771.6
779.0

MAY

2
9
16
23
30

758.8
760.1
761.7
762.8
764.3

JUNE

6
13
20
27p

JULY

4p

M5

M2
15-week
average

4-week
average

5012.7
5008.5
2989.2

5724.6
5750.2
5755.5

5757.8
3768.2
3775.8

5784.0
5778.1
5758.6

2997.5
2991.4
2987.2
2986.9
2989.1

2979.6
2988.1
2992.0
2987.8
2988.5

5740.4
5745.1
5749.5
5755.9
5758.8

5768.9
5764.6
5761.9
5765.9
5767.9

5755.0
5766.8
5767.2
3766.6
3770.8

2987.9
2992.7
2996.9
3000.1

2999.0
3006.5
3015.5
5015.7

5027.6
3022.1
3015.1
2998.0

5764.6
5769.5
5774.1
5777.7

5777.6
5786.8
5794.2
5797.1

3805.8
3805.9
5796.5
5782.5

3005.1

5016.6

5051.2

5780.4

5798.1

5809.6

13-week
average

4-week
average

782.9
786.1
773.8

2950.7
2955.9
2960.8

2980.5
2992.5
5000.6

776.9
773.6
768.8
764.5
762.2

764.7
769.7
766.8
756.7
755.7

2965.0
2969.0
2973.6
2977.7
2982.2

766.6
768.9
771.1
772.7

766.5
770.6
776.6
778.8

786.9
783.1
780.8
764.2

774.0

779.5

790.0

week
average

week
average

week
average

Note: S p e c i a l c a u t i o n should be taken i n interpreting week-to-week changes in money supply data* which are highly v o l a t i l e and subject to
revision.
p~-indicates preliminary data.






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orsjro
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rorvsrv)

Oot-cn

O>003

rororo

MOO

vlvjvl

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mon

030003
vjvicn

m

Z<XJ

C-Z>
O T J

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H.6 (508)
Table ^-continued

COMPONENTS OF UCHVf STOCK, LIQUID ASSfcTS, AND DEBT

5

Billions of do iiars> seascrva;Lly ad3-.isted

i arge time deposits 1
At .
commercial
banks2

Date

At
thrift
i ns t i tu i' o;i ?

Debt components 6

Non-M3 ^oitiiponents of L

Total

Savings
bonds

Sho-i- term
Treasury _
Bankers
sec-"- * ties** acceptances

Commercial
paper 5

Federal
debt

Non-federal
debt

1987-FEB.
MAR.

295.3
298.2

147.. 9
147.4

443.1
445.6

93,3
94.2

280.0
267.7

38.9
39.6

£39.0
239.9

1833.4
1850.8

5877.5
5905-7

APR.
MAY
JUNE

303.1
308.1
311.9

145.8
145.9
146.7

448.9
454.0
458.6

95.1
95.9
96.6

257.6
261.6
259.6

40.9
42,1
43.1

246.3
253.7
252.8

1862.8
1875.5
1887 \

5953.9
6006.1
6052.2

JULY
AUG.
SEP.

312.2
312.8
313.8

148.0
149.6
151.5

460.2
462.4
465.3

97,5
98.1
98,4

254.8
258.9
263.7

43.4
43.5
44.3

251.8
251.8
256.6

1889.9
1903.6
1913,9

6090.8
6127.4
6178.9

OCT.
NOV.
DEC.

317.5
322.3
323.5

154.8
158,1
161.2

472.3
480.5
484.7

Q

8.8
99.3
100 2

272.7
269.7
258.0

44.5
45.0
45.7

254.2
252.5
258.9

1920-4
1941.2
1954.7

6242,9
6304.6
6350.7

1988-JAN.
FEB.
MAR.

320.2
324.8
326.3

162.7
164.9
165.1

482.9
489,7
491.4

101.4
102.6
103.5

259.9
255.0
249.7

43.6
40.9
40.6

269.0
274.1
280.3

1963.3
1981.5
2006.6

6389.0
6425.9
6462.1

325.7
328.9
334.9

167.2
168.1
167.9

492.9
497.0
502.9

104.6
105.4 p

259.7
258.6 p

41.2
40.6 p

288.2
303.9 p

2018.5
2023.1 p

6509.2
6561.6 p

9
16
23
30

327.2
329.5
328.9
330.6

168.2
168.1
168.3
167.8

495.4
497.7
497.2
498.4

JUNE

6
13
20
27p

330.5
334.0
336.6
337.5

167.5
167.7
168.4
167.9

498.0
501.7
505.0
505.4

JULY

4p

336.3

168.0

504.3

APR.
MAY
JUNE p

Neek ending
1988-MAY

Large denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking
facilities.
Large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and
foreign banks and official institutions.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository
institutions, Federal Reserve Banks, money market mutual funds and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks,
and money market mutual funds.
Total commercial paper less commercial paper held by money market mutual funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels> and have been adjusted to remove
discontinuities,
•-indicates preliminary data.




H.6 ( 5 0 8 )
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Other checkable deposits
Travelers
Demand
checks2 deposits3

commercial
banks*

General purpose
and broker/dealer
money market funds

Total

In M2 6

In M3
only7

Overnight
RPs*

Overnight
Eurodollars9

74.5
76.6

242.3
247.4

2100.0
2103.0

695.2
699.8

60.6
58.3

19.
18.

211.5
212.5

178.9
172.0
173.4

81.2
80.2
81.0

260.
252.
254.

2102.6
2096.2
2105.6

699.
716.
726.

56.
55.
54.

20.
20.
20.

212.
209.
210.

294.3
290.7
289.3

173.
174,
176.

81.0
80.8
80.9

254.
255.
257.

2115.8
2123.2
2130.8

723.
734.
742,

56.
61.
62.

18.
18.
21.

210.
213.
216.

7.0
6.6
6.5

295.7
294.1
298.5

177.
178.
180.

81.5
81.4
81.2

258.
259.
261.

2141.5
2144.1
2148.9

746.8
763.9
762.9

65.
63.
62.

20.
16,
16.

218.
219.
221.

197.1
197.2
199.2

6.6
6.8
6.9

295.8
279.1
279.9

184.1
181.8
183.9

81.1
80.
82.

265.
261.
266.

2172.6
2188.5
2206.8

762.
774,
778.

64,
61,
60,

18.4
16.5
14.8

225.0
231.0
234.9

201.6
203.6
205.8

6.9
7.1
7.7

291.9
282.8
290.8

190.9
184.8
187.2

86.
85.
87.

277.8
270.1
274.4

2221.2
2226.3
2237.2

772.
778.
781.

61,
64.
63.8

15.5
17.5
17.0

236.1
232.7
229.8

9
16
23
30

204.3
203.6
203.3
203.9

7.0
7.1
7.2
7.2

284.9
285.7
278.7
277.8

186.
184.
183.
182.

86.8
85.5
84.2
83.9

273.5
270.4
267.6
266.8

2218
2225
2231
2232.8

778.7
775.2
778.8
782.3

62
64
64
65

16.
16.
18.
18.

231.4
231.8
233.5
233.7

6
13
20
27p

205.9
206.3
205.9
205.0

7.3
7.5
7.8
8.0

o
e
e

295.2
291.9
292.2
282.9

189.
189.
187.
183.

89.
88.
87.
84.

278.4
277.4
274.8
268.3

2240.
2238.
2234,
2233.

778.2
781.8
781.1
784.5

65.3
64.8
63.3
62.9

19.3
16.8
17.0
15.5

232.3
230.8
228.6
229.1

4p

208.1

8.2 e

297.2

188.2

88.2

276.5

2241.2

778.4

62.1

16.7

227.2

Date

Currency1

1987-FEB.
MAR.

181.5
182.8

6.2
6.4

287.1
286.9

167.8
170.7

APR.
MAY
JUNE

184.8
187.0
188.6

6.4
6.5
7.1

301.1
294.1
294.4

JULY
AUG.
SEP.

190.5
190.9
190.9

7.7
7.9
7.6

OCT.
NOV.
DEC.

192.6
195.9
199.4

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE

Neek

At
thrift
institutions5

Nontransact ions
components

P

ending

1988-MAY

JUNE

JULY

1.
2.

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4.
Consists of NOH and ATS balances at commercial banks, U.S. branches and agencies of foreiqn banks, and Edge Act corporations.
5.
Consists of NOH and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
8.
Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual
funds (general purpose and broker/dealer).
9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer).
e—indicates estimated data,
p—indicates preliminary data.




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
B i l l i o n s of d o l l a r s > not seasonally adjusted
Savings deposits1

Money market deposit accounts
At
At
commercial
thrift
banks
institutions

Date

Total

At
At
thrift
commercial
institutions
banks

Small-denomination time deposits2

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits3
At
At
commercial
thrift
4
banks
institutions

Total

1987-FEB.
MAR.

378.8
378.8

193.2
193.0

572.0
571.8

163.2
167.4

222.9
227.9

386.0
395.4

362.3
360.2

488.1
486.3

850.4
846.4

295.1
300.0

148.9
147.5

444.0
447.5

APR.
MAY
JUNE

376.1
369.7
368.5

190.7
188.9
186.6

566.8
558.6
555.1

172.3
175.0
176.8

233.6
237.4
240.4

405.9
412.4
417.3

356.3
356.2
360.4

484.6
483.0
487.4

840.9
839.1
847.8

302.7
308.7
311.2

144.5
145.1
145.7

447.2
453.7
457.0

JULY
AUG.
SEP.

366.2
365.0
363.3

183.3
180.0
177.2

549.4
545.0
540.5

178.7
178.5
178.2

241.8
240.0
239.2

420.5
418.5
417.3

364.9
367.9
370.0

494.7
499.0
503.2

8?9.6
866.8
873.2

309.7
312.3
314.1

146.8
149.4
151.8

456.5
461.7
465.9

OCT.
NOV.
DEC.

360.0
358.1
358.2

173.9
169.6
167.0

533.9
527.7
525.2

178.6
177.5
176.7

239.3
235.7
233.3

417.8
413.2
410.0

375.1
382.6
385.2

510.5
521.1
529.3

885.6
903.8
914.6

317.3
322.4
323.6

155.7
159.0
161.8

473.1
481.3
485.4

1988-JAN.
FEB.
MAR.

359.0
359.2
360.9

165.1
163.5
163.8

524.1
522.6
524.7

178.2
179.5
182.5

233.0
232.8
236.1

411.2
412.2
418.7

389.4
394.1
397.2

540.1
550.4
556.6

929.5
944.5
953.7

321.3
325.1
328.4

163.8
166.0
165.3

485.0
491.1
493.8

APR.
MAY
JUNE

360.3
356.9
360.0

163.0
162.6
162.4

523.3
519.5
522.4

185.1
187.1
189.6

239.5
241.4
244.1

424.6
428.4
433.7

399.6
401.4
405.2

560.9
562.8
565.3

960.5
964.2
970.5

325.6
329.6
334.2

165.6
167.1
166.8

491.3
496.7
501.0

9
16
23
30

356.1
356.7
357.8
357.6

162.6
162.7
162.7
162.5

518.7
519.4
520.5
520.1

186.4
187.1
187.6
187.8

240.7
241.6
241.7
241.6

427.1
428.7
429.3
429.5

400.7
401.2
401.7
402.3

562.2
562.6
563.3
563.4

962.9
963.8
964.9
965.7

326.4
329.3
330.5
333.3

166.8
167.3
167.6
167.1

493.2
496.6
498.1
500.4

JUNE

6
13
20
27p

360.6
361.3
359.5
358.6

163.3
163.1
162.3
161.4

523.9
524.4
521.7
520.0

189.0
189.5
189.6
189.7

243.6
244.3
244.0
243.6

432.6
433.8
433.6
433.3

403.1
404.3
405.4
4Q6.6

564.3
564.1
564.8
566.3

967.3
968.3
970.2
972.9

331.6
334.0
334.0
336.7

166.6
166.9
166.9
166.8

498.3
500.9
500.9
503.5

JULY

4p

360.0

161.7

521.7

191.0

245.7

436.7

407.8

569.1

976.9

334.6

166.4

501.0

P

Meek ending
1988-MAY

Savings deposits exclude MMOAs.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100*000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
4.
Large-denomination time deposits at commercial banks less those held by money market- mutual funds> depository institutions > and foreign banks and
official institutions,
p- -indicates preliminary data.




H.b (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs 1
At
At
Institutionthrift
only money commercial
institut ions
banks
funds

imarket

Date

Debt components6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities'9E

Bankers
acceptances*

Commercial
paper5

Federal
debt

Non-Federal
debt

1987-FEB.
MAR.

85.1
85.4

35.4
34.9

51.8
52.3

87.2
87.2

88.1
88.5

93.5
94.3

285.3
273.3

38.9
39.3

240.4
240.2

1827.9
1839.8

5849.4
5885.5

APR.
MAY
JUNE

83.5
82.1
81.7

38.3
40.6
40.4

56.1
61.9
67.0

94.4
102.5
107.4

83.9
86.8
87.8

95.1
95.8
96.5

257.0
256.8
257.8

40.5
42.2
43.5

243.8
253.6
255.1

1848.5
1859.4
1870.5

5937.8
5990.1
6040.9

JULY
AUG.
SEP.

83.8
84.0
81.3

38.5
39.5
40.2

68.5
67.9
68.6

107.0
107.4
109.1

84.4
90.2
94.4

97.1
97.7
98.3

251.1
257.2
260.8

43.6
43.6
44.4

249.2
249.2
256.8

1873.7
1888.5
1901.0

6085.3
6124.6
6178.4

OCT.
NOV.
DEC.

82.5
89.5
89.6

37.0
39.2
37.4

69.1
69.5
68.0

106.1
108.7
105.5

92.9
92.8
90.8

98.8
99.6
100.6

269.8
272.7
260.9

44.8
45.1
45.1

257.1
251.6
257.8

1910.9
1936.9
1954.1

6237.0
6283.2
6335.1

1988-JAN.
FEB.
MAR.

94.4
98.7
97.4

37.7
42.5
42.6

68.3
67.4
64.7

106.0
109.9
107.3

85.3
85.1
89.4

101.7
102.7
103.6

262.5
260.1
254.9

43.4
41.0
40.4

272.5
275.8
280.5

1961.9
1974.6
1993.2

6372.7
63 98.4
6443.6

91.9
90.0
86.3

43.0
44.2
44.2

65.1
67.0
67.0

108.1
111.2
111.2

88.6
89.8
91.2

104.6
105.4 p

258.9
253.8 p

40.9
40.8 p

285.0
303.7 p

2001.6
2005.2 p

6496.4
6549.8 p

9
16
23
30

92.2
88.4
91.3
88.4

44.5
44.4
43.0
45.0

67.0
67.0
67.0
67.4

111.4
111.4
109.9
112.4

90.0
89.5
88.6
90.6

JUNE

6
13
20
27p

87.0
86.3
86.0
86.4

43.5
44.8
44.6
44.8

66.9
67.0
67.1
66.6

110.4
111.8
111.6
111.6

91.3
91.6
90.3
91.7

JULY

*P

85.2

41.5

67.6

109.1

91.4

APR.
MAY
JUNE P

Week ending
1988-MAY

1.

Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount
of overnight RPs at thrift institutions.
2.
Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds.
3.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than \Z months held by other than depository institutions> Federal
Reserve Banks, money market mutual fund«_,, and foreign entities.
4.
Net of bankers acceptances held by accepting banks> Federal Reserve Banks, foreign official institutions* Federal Home Loan Banks, and money market
mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
p--indicates preliminary data.




H.6 ( 5 0 8 )
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to

Foreign
Foreign
ccommercial
official
banks
institutions

Date

IRA and Keogh Accounts

U.S. government depos i ts
Time and savinas
deposits due to
foreign banks
and official
institutions

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

Time and
savings
At
At
deposits
thrift
at commercial commercia»1
institutions
banks
banks

At
money
market
funds

Total

1987-FEB.
MAR.

9.3
8.8

1.7
1.6

4.4
4.6

3.3
3.5

5.0
3.1

25.2
13.6

33.6
20.3

1.4
1.4

74.5
75.6»

98.9
100.3

11.0
11.2

184.4
187.1

APR.
MAY
JUNE

9.0
9.0
9.3

1.8
2.0
2.0

4.6
4.5
4.5

5.0
3.4
3.6

7.0
16.0
8.7

16.6
27.4
21.8

28.5
46.8
34.2

1.4
1.6
1.6

78.6
79.7
79.8

103.0
103.7
104.6

12.4
13.1
13.3

193.9
196.5
197.7

JULY
AUG.
SEP.

9.3
8.9
9.4

2.0
2.0
1.9

4.4
4.4
4.4

3.3
3.0
4.2

5.3
3.4
10.3

23.3
18.6
21.3

31.9
25.0
35.8

1.7
1.6
1.5

80.2
80.7
81.4

105.4
105.7
106.6

13.5
14.0
14.5

199.2
200.4
202.4

OCT.
NOV.
DEC.

9.5
9.4
9.6

1.8
1.7
1.7

4.4
4.4
4.4

3.2
3.2'
3.9

8.9
4.0
4.2

27.4
22.6
18.4

39.5
29.7
26.6

1.5
1.5
1.6

81.8
82.2
82.9

107.1
107.4
108.7

15.4
16.2
16.4

204.4
205.8
208.0

1988-JAN.
FEB.
MAR.

10.0
9.3
9.2

1.7
1.6
1.5

4.4
4.3
4.4

4.1
3.1
3.6

5.6
3.8
2.9

20.8
25.1
18.7

30.5
32.1
25.2

1.6
1.6
1.6

83.9
84.7
85.5

110.0
111.2
113.2

16.6
16.8
16.9 e

210.6
212.8
215.6 e

APR.
MAY
JUNE

P

9.0
9.1
9.5

1.8
1.6
1.7

4.4
4.3
4.3

5.3
3.3
4.3

5.1
7.2
4.1

16.4
27.1
16.7

26.8
37.5
25.0

1.7
1.7
1.8

87.3
88.8
89.5

115.4
116.5
117*1 e

17.6 e
17.7 Q
17.4 a

220.3 e
223.0 •
224.0 •

9
16
23
30

9.2
9.5
8.8
8.7

1.7
1.6
1.7
1.5

4.4
4.4
4.3
4.3

3.7
3.3
2.8
2.7

12.7
8.5
2.8
3.4

31.6
31.3
25.5
21.5

48.0
43.0
31.0
27.6

1.7
1.7
1.8
1.8

JUNE

6
13
20
27p

10.5
9.0
9.0
9.7

1.8
1.5
1.6
1.6

4.3
4.3
4.4
4.4

5.0
3.1
6,7
2.8

2.8
2.9
3.9
5.7

9.8
4.5
17.0
31.5

17.5
10.6
27.7
40.0

1.8
1.8
1.8
1.8

JULY

«P

10.0

2.0

4.4

3.2

5.7

23.2

32.1

1.8

Meek ending
1988-MAY

e—indicates estimated data.
p--indicates preliminary data.




H.6 (508)
Supplementary Table 1 ..

Levels and Annual Growth Rates of M1 Using Standard1, Concurrent2, and Experimental
Alternative3 Seasonal Adjustment Procedures
Monthly Average
Levels in billions of dollars
Standard

Concurrent

Experimental
Alternative

Annual growth rates in percent
Standard

Concurrent

Experimental
Alternative

17.2

16.5

11.0

744.7

744.1

739.4

MAY

746.5

747.0

745.5

2.9

4.7

9.9

JUNE

742.1

742.4

743.0

-7.1

-7.4

-4.0

JULY

743.6

744.0

742.7

2.4

2.6

-0.5

AUGUST

746.5

747.0

747.4

4.7

4.8

7.6

-APRIL

SEPTEMBER

747.5

747.9

746.1

1.6

1.4

-2.1

OCTOBER

756.2

756.6

755.0

14.0

14.0

14.3

NOVEMBER

752.7

753.1

751.8

-5.6

-5.6

-5.1

DECEMBER

750.8

750.5

749.6

-3.0

-4.1

-3.5

JANUARY

758.8

757.5

756.3

12.8

11.2

10.7

FEBRUARY

759.5

759.0

757.4

1.1

2.4

1.7

MARCH

763.0

762.8

759.4

5.5

6.0

3.2

APRIL

770.1

769.1

765.8

11.2

9.9

10.1

MAY

770.1

770.7

769.4

0.0

2.5

5.6

JUNE

776.4

776.9

775.7

9.8

9.7

9.8

1. Standard monthly seasonal factors are derived at the beginning of each year by applying an X-11/ARIMAbased procedure to the data through the end of the previous year.
2. Concurrent monthly seasonal factors are derived each month by applying an X-11/ARIMA-based procedure to
data through that month.
3. Alternative monthly seasonal factors are derived using an experimental model-based procedure. This procedure uses a combination of statistical regression and time series modeling techniques to construct seasonal factors that are more sensitive than standard factors to unique characteristics of each series. These
characteristics include fixed and evolving seasonal patterns* trading day effects, within-month seasonal vari
ations, holiday effects> outlier adjustments, special events adjustments and serially correlated noise components.